Overview of Arafura Rare Earths' Share Purchase Plan results

Arafura Rare Earths Limited (ASX:ARU) has announced the successful completion of its Share Purchase Plan (SPP), raising $4.6 million from 432 applications. The SPP, which closed on Monday 9 September 2024, provided eligible shareholders the opportunity to apply for up to $30,000 worth of new fully paid ordinary shares at the issue price of $0.16 per share, matching the recently announced placement.

Managing Director's Appreciation for Shareholder Participation

On behalf of the Board, I would like to thank our shareholders for their participation in the SPP and acknowledge their ongoing support for the Company. The outcome of this SPP has contributed to a strengthened financial position as we advance our broader equity raising strategy for the Nolan's project.

Summary of Share Purchase Plan Results and Utilization of Funds

Arafura Rare Earths successfully raised $4.6 million through the Share Purchase Plan, which will be utilized to support the Company's funding initiatives and activities necessary for the advancement of the Nolan's project. The total funds raised under the Placement and SPP amount to $24.6 million and will be used for general working capital purposes as well as to reduce capital, schedule, and risk. The Company's Managing Director expressed gratitude for the shareholders' participation and highlighted the strengthened financial position achieved through the SPP.